May 12 (Bloomberg) -- Canadian stocks rose, after their
worst weekly drop since June, as rallies in the price of copper
and gold boosted mining companies.

Lundin Mining Corp. rose 6 percent and Thompson Creek
Metals Company Inc. gained 7.7 percent as copper rose as much as
2.4 percent, the most since December. Valeant Pharmaceuticals
International Inc. fell as Allergan Inc. rejected the
drugmaker’s unsolicited takeover offer. Canadian Tire Corp. fell
1 percent after Credit Suisse cut the stock to the equivalent of
a sell.

The Standard & Poor’s/TSX Composite Index rose 120.88
points, or 0.8 percent, to 14,654.94 at 4 p.m. in Toronto, the
largest increase since April 16. Investors are jumping back into
the market after being spooked by a sell-off in energy companies
last week, said Bruce Campbell fund manager at StoneCastle
Investment Management Inc.

“There certainly seemed like there were moments last week
of the first little inklings of panic,” he said by phone from
Kelowna, British Columbia. His firm manages about C$100 million
($92 million). Today the market is making up for that panicked
selling, he said.

Energy companies fell 2.6 percent last week after rising 15
percent from January to the end of April.

Mining companies in the Canadian benchmark index rose 1.5
percent as a group today, the most since May 2.

Gold for June delivery rose 0.6 percent to $1,295.80 an
ounce after rising as much as 1.3 percent as Russian President
Vladimir Putin said he respected the results of referendums in
eastern Ukraine which separatists said were in favor of
independence.

Canadian Tire fell 1 percent to C$110.19 as Credit Suisse
downgraded it. The retailer sold 20 percent of its banking
business to Bank of Nova Scotia last week for $500 million in
cash.

UrtheCast Corp. fell 9.6 percent to C$1.32 after reporting
a first quarter loss of 6 Canadian cents per share. The
Vancouver-based space imaging company also released a new photo
of Earth today taken from its camera on the International Space
Station.

Alliance Grain Traders Inc. rose 4.2 percent to $18.99
after reporting higher first quarter revenue than the same
period last year. Alliance Grain Traders processes markets
beans, peas and lentils.

Athabasca Oil Corp. dropped 5.6 percent to C$7.28, the most
since October, after GMP Securities LP cut its rating on the oil
sands producer to hold from buy. The Calgary-based company has
risen 12 percent so far this year.